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SEC Proposes Rules To Enhance Disclosure And Investor Protection Relating To Special Purpose Acquisition Companies, Shell Companies, And Projections

Date 30/03/2022

The Securities and Exchange Commission today proposed new rules and amendments to enhance disclosure and investor protection in initial public offerings by special purpose acquisition companies (SPACs) and in business combination transactions involving shell companies, such as SPACs, and private operating companies.

Statement On Proposal On Special Purpose Acquisition Companies (SPACs), Shell Companies, And Projections, SEC Chair Gary Gensler, March 30, 2022

Date 30/03/2022

Today, the Commission is considering a proposal to strengthen investor protections in special purpose acquisition companies (SPACs). I am pleased to support this proposal because, if adopted, it would strengthen disclosure, marketing standards, and gatekeeper and issuer obligations by market participants in SPACs, helping ensure that investors in these vehicles get protections similar to those when investing in traditional initial public offerings (IPOs).

BOX Exchange: Equalized Cabling Infrastructure - Limitations On Connections

Date 30/03/2022

BOX Exchange LLC (the “Exchange”) is distributing this Regulatory Circular to remind Participants that under the new equalized cabling infrastructure, there is now a maximum number of production connections allowed per Participant. Further information can be found in the Network Connectivity Guide for BOX Options. As detailed in the Network Connectivity Guide, there are no limitations on connections to the test environments and the BOX disaster recovery systems.

Damning And Deeming: Dissenting Statement On Shell Companies, Projections, And SPACs Proposal, SEC Commissioner Hester M. Peirce, March 30, 2022

Date 30/03/2022

Thank you, Chair Gensler, Renee [Jones], Charles [Kwon], and Jessica [Wachter] for the presentation. The Commission’s 2022 budget request includes additional resources to address “an unprecedented surge in non-traditional IPOs by special purpose acquisition companies.”[1] If we adopt the rule that we are voting on today, we will not need additional resources to deal with Special Purpose Acquisition Companies (“SPACs”). The proposal—rather than simply mandating sensible disclosures around SPACs and de-SPACs, something I would have supported—seems designed to stop SPACs in their tracks. The proposal does not stop there; it also makes a lot of sweeping interpretations of the law that are not limited in effect to the SPAC context. Accordingly, I dissent.

Readout: Deputy Secretary Of The Treasury Wally Adeyemo’s Visit To London, United Kingdom

Date 30/03/2022

 Deputy Secretary of the Treasury Wally Adeyemo traveled to London, United Kingdom this week to meet with Her Majesty’s Government, listen to the perspectives of market participants, and continue coordinating closely on financial pressure measures to hold Russia accountable for its unprovoked and brutal invasion of Ukraine. He met with key counterparts including Permanent Secretary of HM Treasury Sir Tom Scholar, HM Treasury Director General for International and EU Lindsey Whyte, and Deputy National Security Advisor Matt Collins. In meetings with partners from the Cabinet Office and Her Majesty’s Treasury, Deputy Secretary Adeyemo expressed gratitude for the close partnership and noted that the UK’s new sanctions authorities have allowed for greater breadth and flexibility in targeting, coordination, and enforcement. While in London, he also delivered remarks on economic statecraft at Chatham House.

2022 Triennial Central Bank Survey Of Foreign Exchange And OTC Derivatives Markets

Date 30/03/2022

• On 1 April 2022, the BIS will launch its 13th Triennial Central Bank Survey of Foreign Exchange and Over-The-Counter Derivatives Markets
• More than 1,200 financial institutions in 52 jurisdictions will contribute data
• Preliminary results will be published in September and final results will be published in December 2022

Reliable Partners – Speech By Ben Broadbent, Deputy Governor, Monetary Policy, Bank Of England, Given At Gresham College, London

Date 30/03/2022

The Bank of England’s Monetary Policy Committee (MPC) was set up 25 years ago to use monetary policy to keep the rate of inflation in the UK low and stable. Ben Broadbent talks about its work.

ESMA And NCAs Find Room For Improvement In Funds’ Liquidity Stress Testing

Date 30/03/2022

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has carried out a supervisory engagement with investment funds together with National Competent Authorities (NCAs). The exercise focused on liquidity risk in corporate debt and real estate funds, with the results showing that the funds included in the scope of the analysis do not pose any substantial risk for financial stability.

Statement On Staff Bulletin On Account Recommendations To Retail Investors, SEC Chair Gary Gensler, March 30, 2022

Date 30/03/2022

Today, the staff of the Securities and Exchange Commission released a Staff Bulletin related to the obligations of broker-dealers and investment advisers when making account recommendations to retail investors. In particular, the Bulletin highlights broker-dealers’ obligations under Regulation Best Interest and investment advisers’ obligations under the Investment Advisers Act fiduciary standard to act in retail investors’ best interest and not to place their own interests ahead of the investor’s interests.

CME Group To Launch North European Hot-Rolled Coil Steel Options On May 2

Date 30/03/2022

CME Group, the world's leading derivatives marketplace, today announced that it will launch an options contract on its North European Hot-Rolled Coil Steel (Argus) futures on May 2, pending regulatory review.